STEVENSON, Md., Sept. 26, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of all persons and/or entities who purchased Digital Domain Media Group, Inc. ("DDMG" or the "Company") (OTCBB:DDMGQ) common stock from November 18, 2011 through and including September 6, 2012 (the "Class Period") and on behalf of members of the Class that purchased or otherwise acquired DDMG common stock in or traceable to the Company's initial public offering which commenced on or about November 18, 2011 (the "IPO" or "Offering").
If you have suffered a net loss for all transactions in Digital Domain Media Group, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 19, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period and/or in connection with its IPO that material negative information concerning the Company's ability to raise capital and fund its operations had been withheld, that the Company's substantial "burn rate" threatened DDMG's ability to continue as a going concern, and that the Company would be unable to meet its operating expenses. According to the complaint, after, on August 1, 2012, it was disclosed that the Company would explore strategic and financial alternatives, and after the Company filed for Chapter 11 bankruptcy protection on September 11, 2012, the value of DDMG shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.